Weave Living Bolsters Asia-Pacific Presence with Strategic Acquisitions in Hong Kong and Singapore

Weave Living, a prominent rental accommodation provider, has significantly expanded its portfolio through recent strategic acquisitions in both Hong Kong and Singapore. This expansion underscores the company's commitment to redefining urban living across the Asia-Pacific region and catering to a diverse range of renters.

Key Takeaways

• Weave Living has acquired a serviced apartment building in Novena, Singapore, for over S$100 million.
• The company has also opened a new rental property in Hong Kong's Mid-Levels district.
• These moves represent a diversification into traditional multi-family and serviced apartment sectors.
• The expansion aligns with Weave Living's strategy to cater to growing demand in key Asian cities.

Singapore Expansion

In Singapore, Weave Living has acquired the Momentus Serviced Residences Novena for over S$100 million (£61 million). This 99-unit, 15-storey property, originally completed in 2018 and converted to serviced apartments in 2023, will be rebranded as Weave Suites – Novena. The acquisition marks Weave's fourth asset in Singapore and was made in partnership with BlackRock and Lian Beng Group. Plans are in place for a full upgrade by 2026, introducing lifestyle and wellness amenities. This latest addition brings Weave's Singapore portfolio to approximately 500 units across four properties, valued at over S$500 million.

Sachin Doshi, founder and group CEO of Weave Living, highlighted the strategic location of Weave Suites – Novena, positioning it to serve Singapore's growing role as a regional hub for corporate, medical, and wellness sectors. He expressed confidence in attracting long-term residents, tourists, business travelers, and corporates seeking spacious accommodations in prime locations.

Hong Kong Growth

Simultaneously, Weave Living has expanded its presence in Hong Kong with the opening of Weave Residences – Robinson at 68 Robinson Road in the desirable Mid-Levels area. This 25-room development features self-contained, fully furnished two-bedroom units, each approximately 700 sq ft with a private lift lobby and Nordic-inspired interiors. This marks Weave's third property on Hong Kong Island and is part of a series of planned offerings in the neighborhood.

Furthermore, Weave Living acquired a property at 6-8 Hospital Road in Hong Kong's Mid-Levels for HK$295 million ($38 million), which has been refitted to become its first traditional rental apartment property. This acquisition signifies Weave's strategic shift beyond its co-living origins into the serviced apartment and traditional multi-family rental markets. The company, backed by Warburg Pincus, aims to capitalize on the softening Hong Kong property market to build its multi-family portfolio.

Diversified Portfolio

Weave Living now operates under three distinct brands: Weave Residences for the traditional rental market, Weave Studios for affordable single-occupancy apartments, and Weave Suites for serviced apartment lodgings. This diversification allows the company to cater to a broader demographic and customer base, transforming the traditional rental market to meet evolving renter expectations across Asia-Pacific.

Sources

• Weave Living acquires Novena serviced apartments for £61 million, Serviced Apartment News.
• Hong Kong-based Weave Living opens new rental property in Robinson Road, Hong Kong, Yahoo! Finance Singapore.
• Weave Moves into Multi-Family in Hong Kong's Mid-Levels, Mingtiandi.